fund
Liontrust China C
Targets capital growth through investment in Chinese equities
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249.65p
Price (Inc)
These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.
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Price (Acc)
These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?
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0.00%
Initial chargeSome funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!
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0.75%
Annual management charge
This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).
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1.01%
Ongoing charges
This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.
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0.40%
Yield
How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…
This fund targets long term capital growth from the equities of companies either based in China or conducting significant business there. The fund is run from London by Neptune CEO Robin Geffen and follows the in-house process he created. This combines a view of the macro-economy, global analysis of each industry and bottom-up stock selection.
Fund summary
| Sector | China/Greater China |
| Structure | OEIC |
| Launched | October, 2012 |
| Size | £29m |
| Yield | 0.40% |
| Charging basis | Income |
| Dividends paid | Acc units only |
Charges
| Standard initial charge | 0.00% |
| Initial charge via Bestinvest | 0.00% |
| Additional bid/offer spread | 0.00% |
| Annual management charge | 0.75% |
| Ongoing charges figure | 1.01% |
Allocation
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Investment process
The investment objective of the Neptune China fund is to generate capital growth from investment predominantly in Chinese securities, or in the securities issued by companies transacting a significant proportion of their business in China. The investment process is split into three areas: - Neptune’s fund managers each have analytical responsibility for a specific sector and research that sector on a global basis – this research includes how the sectors behave across the cycle and their current attractiveness. - Neptune also undertake periodic reviews of countries and regions including their economies, markets and social and political state. - Stocks are principally selected through a combination of industry and geographical attractiveness, but ideas may also be derived from in-house screens, external research and company visits.
Manager Robin Geffen has achieved significant outperformance during his time on the Neptune China fund, though this has been accompanied by volatility - in particular, he experienced significant relative losses during the banking crisis in 2008.
Manager research
Average monthly relative returns
- 16/17 0.00%
- 17/18 0.00%
- 18/19 -0.39%
- 19/20 0.04%
- 20/21 0.49%
Bestinvest MRI
- 3 years 0.05%
- 5 years 0.00%
- Career 0.06%
- 3 years 70.20%
- 5 years 0.00%
- Career 73.90%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
Ruth Chambers
Track record
Ruth Chambers has 3.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.06%. During the worst period of relative performance (from June 2018 - October 2020) there was a decline of 9% relative to the index. The worst absolute loss has been 22%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 74%.
Periods of worst performance
| Absolute | -22.00% (May 2018 - October 2018) |
| Relative | -9.00% (June 2018 - October 2020) |
About the MRI
Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.
Allocation
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Top 10 holdings
Data accurate as at 31 July 2020
| 9.7711% | Alibaba Group Hldg Ltd |
| 9.2659% | Tencent Hldgs Ltd |
| 5.7242% | Jd.com Inc |
| 5.393% | Ping An Insurance(Gr)Co Of China |
| 4.6382% | Netease Inc |
| 4.601% | China Construction Bank |
| 3.1886% | Meituan Dianping |
| 3.046% | China Mobile Ltd |
| 2.6555% | Tal Education Group |
| 2.6058% | Li Ning Co Ltd |
| Source: Trustnet |
Sector breakdown
| Consumer Discretionary | 33.00% |
| Communications | 21.00% |
| Financials | 15.00% |
| Information Technology | 7.00% |
| Industrials | 5.00% |
| Consumer Staples | 5.00% |
| Health Care | 4.00% |
| Real Estate | 4.00% |
| Utilities | 3.00% |
| Materials | 3.00% |
Portfolio
Around 40 stocks. Typical stock weights are 2-4%.
Constraints
Maximum 20% cash. Minimum market cap US$1bn. The fund must be invested in at least 7 of the 10 MSCI global sectors - typically no more than 30% would be invested in any one sector.
Key Investor Information